Union Bank completes IT integration of all Andhra Bank branches with itself, BFSI News, ET BFSI

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Mumbai: State-owned Union Bank of India on Monday said it has completed IT integration of all branches of erstwhile Andhra Bank with itself. In November last year, the lender had completed its IT integration with erstwhile Corporation Bank.

The amalgamation of Andhra Bank and Corporation Bank with Union Bank came into effect from April 1, 2020.

“With this achievement, the entire IT integration of erstwhile Andhra and Corporation Bank branches with Union Bank of India has been completed,” the lender said in a release.

All customers of erstwhile Andhra Bank and Corporation Bank have been successfully migrated to core banking solution (CBS) of Union Bank. It has also rolled out internet banking, mobile banking, UPI, IMPS, treasury and swift for erstwhile Andhra and Corporation Bank customers.

“We are extremely delighted to achieve complete integration of all branches and delivery channels of erstwhile Andhra Bank and Corporation Bank. It opens huge opportunities for our customers and enhances our capability to offer innovative products and services,” the bank’s managing director and CEO Rajkiran Rai G said in the release.

The entire migration has been completed at record time with least inconvenience to customers i.e. without affecting any change in their account numbers, debit cards or net banking credentials, the bank said.

The current IFSC code and cheques can be used till March 31, 2021. The entire migration has been executed in association with Infosys, EY, and BCG, it said.



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Andhra Bank-Union Bank IT integration completed

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The IT integration of all branches of erstwhile Andhra Bank (e-AB) with Union Bank of India (UBI) has been completed, according to UBI.

In November 2020, the IT integration of all the branches of erstwhile Corporation Bank (e-CB) with UBI was completed.

Andhra Bank and Corporation Bank were amalgamated with UBI with effect from April 1, 2020, making the amalgamated entity the fifth largest public sector bank in the country.

As of March-end 2020, UBI had 4,281 branches. Following the amalgamation, the bank’s network jumped to 9,587 on April 1, 2020.

“All customers of erstwhile Andhra Bank and Corporation Bank have been successfully migrated to CBS (core banking solution platform) of Union Bank of India in record time…with least inconvenience to customers,” the bank said in a statement

There is no change in customers’ account numbers, debit cards or net banking credentials. The current IFSC code and cheques can be used till March 31, 2021, the bank added

Rajkiran Rai G, MD & CEO, said the integration of all branches and delivery channels of erstwhile Andhra Bank and Corporation Bank opens huge opportunity for UBI’s customers’ and enhances the bank’s capability to offer innovative products and services.

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Union Bank to issue AT-1 bonds to raise up to ₹1,000 crore

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Union Bank of India (UBI), on Thursday, said it will issue Basel III-compliant Perpetual Debt lnstruments, in the nature of Debentures eligible for inclusion in Additional Tier 1 Capital, aggregating up to ₹1,000 crore.

The issue size of the public sector bank’s Basel III-Compliant Additional Tier I Bonds will be ₹300 crore, with a green shoe option of up to ₹700 crore, UBI said in a regulatory filing.

The face value of the bonds, which carry a coupon rate of 8.64 per cent per annum, is ₹1 crore per bond. The pay-in date/ deemed date of allotment of the bonds is January 11, 2021. The bonds will be listed on the NSE.

As per the Term Sheet, the bank can exercise call option with prior approval of the Reserve Bank of India, subject to conditions mentioned in the sheet, on the fifth anniversary from the deemed date of allotment or any allotment anniversary date thereafter

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